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Trend playas huddle up!
NZD/JPY is forming higher highs and higher lows on the 4-hour, yo!
Who else is looking at this setup?
NZD/JPY 4-hour Forex Chart Chart by TV
NZD bulls have a chance to jump in the uptrend while NZD/JPY is still hanging out at the bottom of as ascending channel that’s been around since the start of the month.
In fact, prices are also hanging out just above the 200 SMA!
A long trade at current levels would yield a decent risk ratio especially if you place your stops just below the channel and you aim for May’s highs near 87.25.
Feel like shorting NZD/JPY instead?
You can also sell NZD against JPY as soon as NZD/JPY breaks below the channel and 200 SMA support zones that we’re watching.
What do you think? Which way will NZD/JPY go next?
Whichever bias you choose to trade, make sure to use a trading plan and to implement the best risk management moves in your playbook!
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